With the blockchain growing more popular as a technology, we thought it would be good to discuss how it works and why you should be aware of it. The zeitgeist often portrays it as a nefarious tool used by cryptocurrency and scams, but at its core, it is far from this; in fact, the applications of such a decentralized and transparent technology make it ideal for certain tasks. Let’s explore them.
The most well-known use for the blockchain is cryptocurrencies like Bitcoin, and that’s because it offers a secure, transparent, and decentralized ledger to keep track of financial transactions. This means that there is no need for other financial institutions or services that will take a cut of the profits.
Smart contracts are another use for the blockchain. These consist of self-executing contracts that have terms built right into the code, allowing them to execute immediately when the conditions are met.
Blockchain technology can also be used to create a ledger for tracking the origin, manufacturing, and distribution of products in the supply chain. This is great for two reasons: 1) Transparency of the supply chain process, and 2) Reduced risk of forgeries, counterfeiting, and fraud. The blockchain also offers updates in real-time that can be used to glean more insights into how goods move from one location to another.
The blockchain is also a great tool to create decentralized and secure identity management systems. Users retain control over their personal information, and verification of identities is also a more secure and reliable process. Blockchain can also enable a powerful and robust access control system that keeps networks and systems secure from unauthorized entry.
Since the blockchain itself is a secure and immutable system that is extraordinarily difficult to edit without adjusting the entire blockchain, it makes for a powerful patient record-keeping system for healthcare organizations. The blockchain can guarantee the privacy and integrity of healthcare records while also allowing authorized parties to access information.
Blockchain as a technology has come a long way, and it proves to be a dynamic tool that has practical applications across industries. If you’re interested in what the blockchain can do for you, perhaps we can help! Give us a call at 561-795-2000 to learn more.